The Consumer Financial Protection Bureau (CFPB) is proposing to delay the effective date of the final debt collection rule (Regulation F) from Nov. 30, 2021, to Jan. 29, 2022. The delay is proposed to allow companies more time to comply with the rule due to the COVID-19 pandemic.
The CFPB issued a Notice of Proposed Rulemaking (NPRM) to delay the effective date of the two-part final rule issued under the Fair Debt Collection Practices Act that will be available for comment after publication in the Federal Register.
The first part of Reg F, issued in October 2020, focuses on communication issues as well as the model form validation notice. The second part of Reg F, issued in December 2020, focuses on requirements regarding consumer disclosures, out-of-statute debt, and several other issues impacting the ARM industry.
For more information on Regulation F you can visit the ACA International website.